What is the main purpose of the FCRA?
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Ensure fair, accurate, and private collection/reporting of consumer credit info by all CRAs.
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How do credit reports affect consumers?
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They determine credit scores, which influence mortgage rates and borrowing terms.
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What rights do consumers have under FCRA?
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Dispute errors, get written denial notices, receive annual free reports, and request their credit score.
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How must credit report information be maintained?
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Negative marks removed after 7 years, bankruptcies after 10, criminal convictions never expire; reports used only for legitimate business needs.
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Answer DELETE "NEXT CARD" on the bottm right from the last flashcard
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2.1.9 Flashcard Reviews
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Created on September 19, 2025
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Transcript
What is the main purpose of the FCRA?
Flip flashcard to reveal answer
The correct answer is...
Ensure fair, accurate, and private collection/reporting of consumer credit info by all CRAs.
Back to Question
Next card
How do credit reports affect consumers?
Flip flashcard to reveal answer
Previous card
The correct answer is...
They determine credit scores, which influence mortgage rates and borrowing terms.
Next card
Back to Question
What rights do consumers have under FCRA?
Flip flashcard to reveal answer
Previous card
The correct answer is...
Dispute errors, get written denial notices, receive annual free reports, and request their credit score.
Next card
Next card
Back to Question
How must credit report information be maintained?
Flip flashcard to reveal answer
Previous card
The correct answer is...
Negative marks removed after 7 years, bankruptcies after 10, criminal convictions never expire; reports used only for legitimate business needs.
Back to Question
question
Flip flashcard to reveal answer
Previous card
The correct answer is...
Answer
Next card
Back to Question
question
Flip flashcard to reveal answer
Previous card
The correct answer is...
Answer DELETE "NEXT CARD" on the bottm right from the last flashcard
Back to Question